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JEFFERSON SMURFIT AND CONTAINER CORPORATION OF AMERICA ANNOUNCE EQUITY INVESTMENT BY EXISTING STOCKHOLDERS AND NEW BANK FACILITY

 JEFFERSON SMURFIT AND CONTAINER CORPORATION OF AMERICA ANNOUNCE
 EQUITY INVESTMENT BY EXISTING STOCKHOLDERS AND NEW BANK FACILITY
 ST. LOUIS, July 24 /PRNewswire/ -- Jefferson Smurfit Corporation and Container Corporation of America (the "Company") announced today that they have reached agreement on the principal terms of a $400 million common equity investment by certain existing stockholders in the form of cash and the conversion, in 1993, of outstanding preferred stock of the company's parent; the repurchase, pursuant to certain privately negotiated purchase agreements, of approximately $200 million accreted value of the company's subordinated debt at a premium; and a new $400 million bank facility underwritten by Chemical Bank and Bankers Trust Company, the proceeds of which will be used to prepay a portion of the company's present bank facility. The consummation of the transactions will be subject to all parties reaching definitive agreement as to the final terms and documentation of the transactions and the satisfaction of numerous conditions. Accordingly, there can be no assurance that such transactions will be initiated or consummated.
 The company is one of the nation's largest integrated producers of paperboard, packaging products and newsprint.
 -0- 7/24/92
 /CONTACT: Terry Ingram of Jefferson Smurfit, 314-746-1242/ CO: Jefferson Smurfit Corp.; Container Corp. of America ST: Missouri IN: PAP SU:


SH-OS -- NY035 -- 3013 07/24/92 11:57 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
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